US President Joe Biden and the first Lady Jill Biden in 2020 gained $607,336, the newly published tax returns reveal. These numbers show a serious decrease from the income they earned in 2019 which is due to the Biden’s sole focus on his presidential campaign, CNBC informed.
According to the tax returns, the President and the First Lady paid $157,414 in the federal income tax, which amounts to 25.9 percent. Bidens also gave $30,704 in charitable donations.
The financial disclosure form of Biden for 2020, states that he and his wife possess assets between $1.2 and $2.88 million.
The sharp decrease shown in the freshly released forms totaled more than $300,000 last year, which is the result of the halt in speaking engagements for his campaigns.
Joe and Jill Biden in 2019, earned $944,737 in income that is taxable, and paid an amount of $299,346 in the income taxes, which is a rate of 31 percent.
Compared to the two years before that, the 2019 Bidens’ income also showed a steep drop. The couple in 2017 reported gains of over $11 million, and then in 2018 they earned $4.5 million. All their income in these years originates from their book deals.
In his presidential role, Biden will earn $400,000 in 2021, and some royalties on the base of his books and other earnings.
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